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Called BritBox, the planned streaming platform is a partnership between the U.K.'s two largest broadcasters, and will see them take on Netflix and its dominance in online entertainment. ITV shares popped 2% on the news.
The platform will offer shows including ITV's "Love Island" and "Cleaning Up" as well as old shows like the BBC's "Gavin & Stacey" and "The Office." It will also commission a range of original series exclusive to BritBox.
The venture will be 90%-owned by ITV, while the BBC will have the option to increase its holdings over time to 25%.
A subscription to BritBox will let people watch TV shows in high definition across multiple screens and devices, ITV said. Netflix's basic plan in the U.K. also costs £5.99, but that doesn't let users watch on more than one screen simultaneously.
That means it's technically cheaper than Netflix, which sells its standard multi-screen offering in the U.K. for £8.99 per month. It also undercuts Amazon Prime, which currently costs £7.99 a month.
The news arrives amid a heated streaming battle taking place in the U.S., with media giants lining up to rival Netflix with their own streaming platforms. Companies from Disney to NBC are gearing up to launch their own Netflix competitors.
"Netflix has the most to lose," Paolo Pescatore, a tech and media analyst at PP Foresight, told CNBC by email. "New providers will all want to pull their own programming off Netflix to differentiate their own offerings."
"For this new service to be truly successful it will need more content from other U.K. broadcasters. It will fare much better and generate far greater appeal among consumers."
Netflix recently surprised investors by reporting worse-than-expected international subscriber growth in the second quarter. The company is counting on the latest season of "Stranger Things" to help boost global subscriber growth in the next quarter.
Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit.